Reports on the death of cash have been widely exaggerated. Although many experts have suggested society will move to a “cashless” state, others say cash will be hanging around for a little longer yet.
Managing this “old school” form of payment doesn’t mean you need to use outdated technology. You have plenty of options for managing your cash in smarter, more streamlined ways.
One of the devices you might want to consider is a smart safe. These safes are a step up over the traditional option, and they come with a host of benefits for your business.
Some of those benefits might surprise you. From cash flow to cost savings, here are the biggest advantages you can realize with a smart safe.
Manage Cash Flow More Effectively
One of the more unexpected smart safe benefits is an improvement to cash flow. Many business owners experience trouble because they don’t know how much cash is flowing in and out of the business, and what they have on hand.
That’s usually because the situation changes so quickly. What if you could get real-time reporting on how much cash you have?
The smart safe makes it possible. The device can record how much is sitting in its vault, as well as any additions made. With this information readily available, it’s easier to make better decisions about handling your cash.
The data from the smart safe allows you to see how much cash you have on hand, as well as when it’s optimal to make a deposit. The safe can help you streamline communications with your CIT provider. In the US, a smart safe may even be able to connect to your bank. The bank can then add funds to your account, giving you access to the entirety of your working capital.
Making decisions about store floats and more is also easier. With a smart safe, you’ll always have the right amount of cash where you need it.
Lower the Costs of Handling Cash
Another of the surprising smart safe benefits is that the device can help you lower the costs of handling cash for your business. How so?
With a smart safe, you can streamline your CIT pick-ups and bank deposits. There’s no need to guess about when you need to make a deposit.
In turn, you can lower the fees associated with banking and CIT. An optimized schedule means you’re not constantly depositing and withdrawing from your bank account, while keeping the cash you have on hand at an optimal level. The smart safe’s ability to record how much cash is in it even allows it to help you streamline operations, calling and scheduling pick-ups when they’re necessary and not a moment sooner.
Get Better Reporting and See Trends
Another benefit of smart safes is the improvement to your reporting. The smart safe collects all kinds of data about deposits, trends in cash on hand, and more.
With so much data in hand, you can create better, more insightful reports. This information allows you to see trends in the business and the volume of cash you handle. From there, you can make better business decisions as you move forward.
Take, for example, weekly trends in cash volume. On Mondays, you handle relatively little cash. On Thursdays, there’s a huge uptick in cash transactions. From there, you know to schedule more cash supervisors on Thursday than on Monday. You may also make Thursday your regular pick-up or deposit day, which can help you save on fees.
Is a Smart Safe Right for You?
As you can see, the smart safe’s benefits extend far beyond improved security. With one, you can manage cash flow, cut costs, and predict the future for your business.
Is it time to upgrade your safe technology? Get in touch and discover the cash management technology that will help you take your business forward.